24kpwn exploit will work to jailbreak iPhone 3GS, according to GeoHot, chronic, posixninja, and pod2g.

This is great news for all of you. Basically, this means if someone makes a tethered jailbreak, it easily becomes untethered, because the boot chain is broken. Expect big things soon

The iPhone Dev-Team has also verified this!

About 5 hours ago, we were able to verify that the 24Kpwn exploit that the hybrid team used on the iPod Touch 2G is still present in the bootrom of the iPhone 3GS. That means we can apply the same sort of technique used by our current redsn0w tool to jailbreak and unlock the iPhone 3GS.

This is great news! It seems this bootrom was cut in about the August 2008 timeframe, so the unfortunate early reveal of 24Kpwn earlier this year didn’t affect the iPhone 3GS.